Modelos de ajuste laboral

Assumption Current (Static Mortality) Proposed (Generational Mortality)

Impact on Actuarially Determined Contribution

Healthy Post-

Retirement Mortality - Retirees

State and Local Government Divisions: RP-2014 Healthy Annuitant Mortality Table with adjustments for credibility and gender. For males the adjustments are a 73% factor applied to the rates for ages below 80 and a 108% factor applied to the rates for ages 80 and above, projected to 2018 using the MP-2015 projection scale. For females the adjustments are a 78% factor applied to the rates for ages below 80 and a 109% factor applied to the rates for ages 80 and above, projected to 2020 using the MP- 2015 projection scale.

School, Judicial and DPS Divisions: RP-2014 White Collar Healthy Annuitant Mortality Table with adjustments for credibility and gender. For males the adjustments are a 93% factor applied to the rates for ages below 80 and a 113% factor applied to the rates for ages 80 and above, projected to 2018 using the MP-2015 projection scale. For females the adjustments are a 68% factor applied to the rates for ages below 80 and a 106% factor applied to the rates for ages 80 and above, projected to 2020 using the MP-2015 projection scale.

State and Local Government Divisions (Non-Troopers): PubG-2010 Retired Lives Table for males using 94% of the rates prior to age 80 and 90% of the rates for ages 80 and older. For females, the PubG-2010 Retired Lives Table using 87% of the rates prior to age 80 and 107% of the rates for ages 80 and older.

State and Local Government Divisions (Troopers): PubS- 2010 Retired Lives Table.

School and DPS Divisions: PubT-2010 Retired Lives Table for males using 112% of the rates prior to age 80 and 94% of the rates for ages 80 and older. For females, the PubT-2010 Retired Lives Table using 83% of the rates prior to age 80 and 106% of the rates for ages 80 and older.

Judicial Division: PubG-2010 Above Median Retired Lives Table.

All Divisions: Update the mortality projection scale to MP-2019 and apply mortality improvement on a generational basis. Increase Increase Increase Healthy Post- Retirement Mortality - Beneficiaries

Same as Retirees mortality above All Divisions: Pub-2010 Contingent Survivor Table for males using 97% of the rates for all ages. For females, 105% of the female rates for all ages. Generational projection using scale MP-2019

Summary of Demographic Assumptions

Assumption Current (Static Mortality) Proposed (Generational Mortality)

Impact on Actuarially Determined Contribution

Disabled Post- Retirement Mortality

RP-2014 Disabled Retiree Mortality Table incorporating a 90% factor for males and females.

All Divisions except Troopers: PubNS-2010 Non-Safety Disabled Lives Table using 99% of rates for all ages with generational projection using scale MP-2019.

For Troopers in the State and Local Government Divisions: PubS-2010 Safety Disabled Lives Table with generational projection using scale MP-2019.

Slight Increase

Pre-Retirement Mortality

All Divisions: RP-2014 White Collar Employee Mortality Table. To allow for an appropriate margin of improved mortality prospectively, the mortality rates incorporate a 70% factor applied to male rates and a 55% factor applied to female rates.

State and Local Government Divisions (Non-Troopers): PubG-2010 General Employee Table with generational projection using scale MP-2019

School and DPS Divisions: PubT-2010 Teacher Mortality Table with generational projection using scale MP-2019 Judicial Division: PubG-2010 Above Median Employee Table with generational projection using scale MP-2019 State and Local Government Divisions (Troopers): PubS- 2010 Employee Table with generational projection using scale MP-2019.

Slight Increase

Slight Increase

Slight Increase

45

Summary of Demographic Assumptions

Assumption Current Proposed

Impact on Actuarially Determined Contribution

Active Retirement All Divisions: Gender distinct age-based rates based upon eligibility unreduced and reduced benefits except for State (Troopers) and Judicial Divisions, where rates for reduced benefits are unisex and age-based.

In aggregate, there were slightly more reduced retirements than expected and fewer unreduced retirements than expected, while for certain

groups/genders, the opposite was true in each category. Recommended modifications to rates at several ages across most divisions.

Added additional rates of retirement for the first five years of eligibility for unreduced retirement to active members whose first eligibility for unreduced retirement is between age 55 and 64

Increase

Inactive Retirement All Divisions: 100% of inactive members who terminate employment with less than five years of service elect to withdraw their contributions.

Current inactive members who are assumed to leave their contributions in the plan in order to be eligible for a benefit at their retirement date are assumed to retire at the following ages with an unreduced pension benefit:

• PERA Benefit Structure – Age 62

• DPS Benefit Structure – Age 65

No changes N/A

Termination Select and Ultimate Tables for the State Division (Non- Troopers), School and DPS Divisions (PERA Benefit Structure), and Local Government Division. DPS Benefit Structure member assumptions are based on age only. Age-based rates for Troopers.

Rates vary by gender.

School and DPS Divisions use the same rates of termination.

Changes (primarily decreases) in rates of termination. The current select period is retained and select

termination rates are decreased, adopting unisex rates. Sex-distinct rates are retained regarding ultimate rates, also generally decreased.

Separate rates are established for School and DPS Divisions.

Summary of Demographic Assumptions

Assumption Current Proposed

Impact on Actuarially Determined Contribution

Refunds of Contributions

All Divisions except Judicial: 35% of the vested members who terminate elect to withdraw their contributions and matching employer contributions; while the remaining 65% elect to leave their contributions in the plan in order to be eligible for a benefit at their retirement date.

Judicial Division: 100% of the vested members who terminate elect to leave their contribution in in the plan in order to be eligible for a benefit at their retirement date.

No changes N/A

Disability Retirement

Rates are based on age and are unisex for all divisions. The State and Local Government Divisions have similar disability rates, with minor differences.

School and DPS Divisions (PERA Benefit Structure) have different disability rates than the Judicial Division or members under the DPS Benefit Structure. However,

State and Local Government Divisions (Non-Troopers): combined for developing a new assumption and a uniform decrease of 19% is applied to the current composite disability retirement rates.

School, DPS and Judicial Divisions: combined for

developing a new assumption and a uniform decrease of 19% is applied to the current composite disability

retirement rates.

Troopers: no changes.

Slight decrease

Spouse Information 100% of members are married (80% for DPS Division). Male spouses are two years older than female spouses. 100% of spouses are of the opposite gender.